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(Bloomberg) US equities slumped as the debt ceiling impasse swings into focus dragging on sentiment. The dollar edged higher. The S&P 500 traded down 0.4% on Tuesday while the tech-heavy Nasdaq 100 slid 0.5%. The gauges have been stuck in narrow trading ranges for over a month as traders weigh the potential end of the Federal Reserve’s interest rate hiking cycle against the possibility of an economic slowdown. The Dow Jones Industrial Average bucked the trend eking out a small gain. PacWest Bancorp fell 3.2% as concerns about regional lenders linger. Sentiment was also hurt by a report showing a steep drop in Chinese imports last month, a sign that the economy’s recovery from Covid lockdown isn’t as strong as many had hoped. Oil fell to $72.19 a barrel. Investors are tracking efforts in Washington to end a standoff over the US debt ceiling, with President Joe Biden due to sit down with House Speaker Kevin McCarthy Tuesday as the two face pressure to forge a deal. “The meeting